HSBC UK has issued an “encouraging” message to every customer who doesn’t own a house. UK first time buyers now more confident about getting on the property ladder, the banking giant has found. The survey for HSBC UK reveals nearly 7 in 10 (68 per cent) first-time buyers say they’re now more likely to be able to buy their dream home than they were at the start of 2023.
The most likely reason for buying is that it’s cheaper than renting, with only one in nine (11 per cent) seeing property as an investment. Nearly three-quarters (73 per cent) of all Brits looking for a new home say they’re in the market for a doer-upper, a property that needs work, to help keep costs down.
Andrew Matson, Head of Mortgages at HSBC UK said after the study: “It’s encouraging to see more optimism amongst first time buyers. The first half of this year has been challenging, but the shift in attitudes is reassuring and highlights the resilience of the housing market.
READ MORE £150 warning issued to millions of UK households and ‘it’s not enough’
“At HSBC UK, we have been supporting our customers through the recent economic challenges in a number of ways, this includes providing support under the Mortgage Charter. While we don’t have a crystal ball to see what the future holds, it is pleasing to see the positive sentiment running throughout our research and we will continue to lean in to help support our customers.”
The survey also found that in some major cities such as London, Manchester and Newcastle “independence” came out on top for reasons to buy a property, while in Liverpool it was “financial security”. The top five reasons for choosing a mortgage provider were most cost-effective mortgage option (32 per cent), broker or adviser recommendation (31 per cent) and brand I trust (26 per cent), as well as existing customer wanting finances in one place (21 per cent) and recommendation from family or friend (11 per cent).
